Crinetics Pharmaceuticals (NASDAQ:CRNX) Insider Stephen Betz Sells 10,612 Shares

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) insider Stephen Betz sold 10,612 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.37, for a total transaction of $396,570.44. Following the completion of the sale, the insider owned 137,101 shares in the company, valued at $5,123,464.37. The trade was a 7.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $36.05 on Thursday. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of -7.30 and a beta of 0.23. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $57.99. The company has a 50 day moving average price of $46.23 and a 200 day moving average price of $43.93.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) EPS for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.Crinetics Pharmaceuticals’s revenue was up NaN% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.88) earnings per share. On average, sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on CRNX. Citizens Jmp decreased their target price on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, January 21st. Morgan Stanley lifted their price objective on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Monday, January 12th. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.78.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRNX. Smartleaf Asset Management LLC boosted its position in Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after purchasing an additional 331 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Crinetics Pharmaceuticals by 523.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after purchasing an additional 707 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth about $30,000. Parallel Advisors LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after buying an additional 315 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Crinetics Pharmaceuticals by 23,983.3% during the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after buying an additional 1,439 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.